FORCAS

Forcas Studio financials

Kolkata-based asset-light menswear fashion house selling the mass-market FTX brand and premium Gen-Z brand TRIBE via e-commerce, quick commerce, distributors and large-format retail, plus white-label manufacturing for other retail chains.

Market cap: ₹394 Cr
Sector: Textiles
Calls analysed: 3

Latest concall · Q4 FY26 · call held 25 May 2026

FORCAS Q4 FY26

Revenue from Operations ₹198 cr +39%Profit After Tax ₹13.6 cr +58%Gross Margin 25% EPS ₹7.76 +41%

What went well

Revenue from operations grew by nearly 39% YoY to approximately Rs. 198 crores in FY26.
Profit after tax (PAT) increased by nearly 58% YoY to approximately Rs. 13.6 crores in FY26.
EPS increased from Rs. 5.5 to Rs. 7.76 in FY26, representing a 41.09% growth.

What to watch

Inventory increased sharply from Rs. 14 crores in FY25 to almost Rs. 50 crores in FY26.
Cash conversion cycle increased from 168 days to 251 days in FY26, indicating a working capital stretch.

Read the full call →

What Forcas Studio Ltd does

Forcas Studio designs and outsources manufacturing of men's (and now women's and kids') garments — boxers, shorts, trackpants, cargos, denims, trousers, cord sets, tracksuits, vests, t-shirts, sportswear, shirts, jackets and sweatshirts — sold mainly under its own brands FTX and TRIBE. It sources fabric from local markets in Kolkata, Surat and Mumbai and outsources cutting/stitching to dedicated third-party factories under its own quality-control SOPs, without owning manufacturing plants or retail stores. Revenue comes from online marketplaces, quick commerce, a distributor/semi-wholesaler and retailer network, large-format retail stores, and white-label manufacturing for brands such as Landmark Group, V-Mart Retail and V2 Retail.

Segments

Own Brand – FTX
Own Brand – TRIBE
White-label manufacturing

Warehouse (Kolkata) capacity: 60,000 sq. ft.; 20 lakh+ garment pieces, 10,00,000+ metres of fabric/raw material
Retailers: 18,000+
Distributors / semi-wholesalers: 700+
Online pin codes served: 21,000+
Quick-commerce dark stores (Zepto): 138
Large-format store presence: 500+

Founded 2010Headquarters Maheshtala, Kolkata, West Bengal, India Company website

Guidance record · Q4 FY26

what the last two calls moved 9 tracked 3 delivered 2 missed 4 open

EBITDA Margin delivered said Q4 FY25 Promised: 10% EBITDA, we want to improve on that. Q4 FY26: Full year PAT growth of 58% on 39% revenue growth confirms margin expansion for FY26, fulfilling the promise.
Gross Margin missed said Q4 FY25 Promised: Nothing less than 30% of gross margin. 30% is going to be the bottom thing. Q4 FY26: FY26 blended Gross Margin reported at 25%, below the 30% floor.
Annual Revenue Growth revised down said Q4 FY25 Promised: 30% to 40% growth every year for the next two years Q4 FY26: Achieved for FY26 with 39% growth. However, guidance for FY27 (the second year of the promise) was revised down to 25-30%.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 37.3%, net profit up 100.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY24	Q4 FY24	Q2 FY25	Q4 FY25	Q2 FY26	Q4 FY26
Revenue	29	83	56	87	84 +190%	114 +37%
Expenses	27	75	50	78	75	102
EBITDA	2	8	5	8	9 +350%	12 +50%
Margin	8%	10%	9%	10%	11%	11%
Other income	0	0	0	0	0	0
Interest	1	2	2	1	1	2
Depreciation	0	0	0	0	0	0
Profit before tax	1	6	4	8	8 +700%	10 +67%
Tax rate	34%	24%	26%	26%	26%	23%
Net profit	1	4	3	6	6 +500%	8 +100%
EPS	0.81	3.31	1.66	3.25	3.30	4.51

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +114.1% 1Y

1Y: ₹101.2 on 10 Sept 2025 → ₹216.7. High ₹239.95 (2 Sept 2026), low ₹92.45 (23 Jun 2026).

How the price took the results

close before → close after

Q4 FY26: +3.7%; 25 May
Q2 FY26: −0.0%; 15 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹7 Cr	₹8 Cr	₹9 Cr	₹13 Cr	₹18 Cr	₹18 Cr
Reserves	₹0 Cr	₹0 Cr	₹0 Cr	₹7 Cr	₹52 Cr	₹66 Cr
Borrowings	₹24 Cr	₹24 Cr	₹23 Cr	₹33 Cr	₹34 Cr	₹45 Cr
Other liabilities	₹17 Cr	₹11 Cr	₹7 Cr	₹13 Cr	₹6 Cr	₹35 Cr
Total liabilities	₹49 Cr	₹43 Cr	₹39 Cr	₹66 Cr	₹110 Cr	₹163 Cr
Fixed assets	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Other assets	₹48 Cr	₹42 Cr	₹38 Cr	₹65 Cr	₹107 Cr	₹161 Cr
Total assets	₹49 Cr	₹43 Cr	₹39 Cr	₹66 Cr	₹110 Cr	₹163 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, the public added +1.03 pp while DIIs trimmed −0.53 pp. The shareholder count shrank 19% to 569.

Promoters: 60.3%
DIIs: 0.1%
Public: 39.6%

Since Mar 2025

Public +1.03 pp
DIIs −0.53 pp
FIIs −0.50 pp

How it drifted, 4 quarters

Over this window the public went from 34.5% to 39.6% — +5.1 pp.

Sep '24Mar '25Mar '26

Who was buying across the market this quarter →

Who bought this quarter

since Sep 2025

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Bansidhar Infrastructure Llp newly disclosed 2.68% held
Horizon Stock & Broking Services newly disclosed 1.78% held

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2026 filing

Every holder of Forcas Studio Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.

Holder	Stake	Change
Sailesh Agarwal	54.27%	unchanged
Sourav Agarwal	6.03%	unchanged
Atul Khemka	3.19%	unchanged
Bansidhar Infrastructure Llp	2.68%	newly disclosed
Ajay Upadhyaya	2.43%	unchanged
Horizon Stock & Broking Services	1.78%	newly disclosed
Prognosis Securities Private Limited	1.22%	−0.29 pp
Varsha Rajiv Agarwal	1.10%	unchanged
Vineet Kaul	1.06%	unchanged
NBFCs registered with RBI NBFC / DFI	0.08%	unchanged
Devan Todi	0.00%	unchanged
Chandadevi Agarwal	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Forcas Studio Ltd

Guides on how to read this kind of business and the numbers that matter.